Surfboard Illustration by Debra Mccommons
The House of Representatives passed legislation that will reform federal flood insurance by scaling back on the effects of legislation passed two years ago that caused major rate hikes. These hikes are threatening to the affordability of flood zone property.
In our last update on this topic, we let you know that the Senate had voted in favor of the Homeowner Flood Insurance Affordability Act on January 30, sending the bill to the House. Representatives have been debating and negotiating on the topic for several weeks and were unable to pass the Senate’s legislation, so they have crafted their own version. The House bill prevents massive rate increases and caps the average annual rise rate.
The bill is at the Senate and will likely be passed in the next few weeks. Check back for future updates to the flood insurance reform issue.